Hi there,
I'm 20 years old, have a house, a newer car, a great job with steady income and trying to bring my credit score up. As it stands, my scores are between 570 and 590(FICO not FAKO).
I have a handful of credit cards that total up to a credit limit of $4400. My first trade line was a B of A Student Platinum Visa Card that I have had for a little over 2 years. I was recently told that even though this is my oldest trade line, it still looks new and all of the other accounts that I have are whats bringing my score down. I have never been late on any of my payments and will strive to keep that going.
I hit a bump back in January and was unemployed for almost 3 months but still managed to keep everything paid and current. The only problem is that in doing this I had to use my credit cards to pay for food, gas, and other necessities which almost maxed everything out. In the month and a half, I've gotten my balances down to a total of $2300 but I am not seeing any move in my score.
I'm thinking about opening an Ox Publishing account for $10,000 and a express gold account for $7500 in hopes that this will greatly lower my utilization and raise my scores.
Is this a good idea? Will it work for my situation? What kind of change do you think I will see in my scores?
All input is greatly appreciated. thank you.
